Former Gas Station with Grocery
New
For Sale
$329,000
11855 Nashville Hwy, Baxter, TN 38544
Commercial Sale, Baxter, TN
Property Size2,800 SF
Lot Size0.50 Acres
Price / SF$117.50
Days on Market2
Property Features for 11855 Nashville Hwy
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
From PCCH: Head south on S Washington Ave toward E Spring St, Turn right onto E Spring St, Merge onto US-70N W/W Broad St, Turn right, Destination will be on the right
Subdivision
Putnam Co NW, TN
Standard status
Active
APN
036 077.02
Size
2,800 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Annual Amount
1089
Amenities
grocery store
deli
beer
Building Details
Year built
2004
Floors in Building
1
Listing Agency:
Keller Williams Realty DBA Cookeville RE Company
(931) 400-2008
Listed By:
Hinal Tanwar · License #374225
(931) 881-6971
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 12 at 3:06PM
MLS# 247086
Copyright © 2026 Upper Cumberland Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 11855 Nashville Hwy in Baxter, Tennessee, this 2,800-square-foot commercial property occupies 0.496 acres and was built in 2004. The existing configuration includes a grocery store, deli, and beer operation. The property previously operated as a gas station, supporting continued consideration of automotive-related use alongside other commercial applications.
Potential uses identified for the property include a restaurant or food establishment, warehouse or storage facility, retail store or convenience mart, gas station, office, or service-based business. The site is near Cordell Hull Lake, 13 miles east of Cookeville and 40 miles east of Nashville.
Potential uses identified for the property include a restaurant or food establishment, warehouse or storage facility, retail store or convenience mart, gas station, office, or service-based business. The site is near Cordell Hull Lake, 13 miles east of Cookeville and 40 miles east of Nashville.
Key Highlights
- 2,800‑square‑foot commercial property on 0.496 acres
- Existing grocery store, deli, and beer operation
- Previously operated as a gas station
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,382
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$367,640
$367.6K
Cap Rate 7%
$262,600
$262.6K
Cap Rate 9%
$204,244
$204.2K
Market Conditions
NOI Build-Up for 2,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.5K $9.81/SF
− Vacancy
−$1.2K −$0.43/SF
EGI
$26.3K $9.38/SF
− OpEx
−$7.9K −$2.81/SF
NOI
$18.4K $6.56/SF
Area
Putnam County, TN
Vacancy
4.40%
Lease Rate
$9.81 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$367,640
Cap Rate 7%
$262,600
Cap Rate 9%
$204,244
Alternative Uses
Best Use
Specialty Retail
$662.2K
$579.4K – $772.5K
NOI $46,352 @ 7.0% cap · market cap 14.09%
Second Best
Retail
$625.8K
$547.6K – $730.1K
NOI $43,804 @ 7.0% cap · market cap 13.31%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,893 @ 7.0% cap · market cap 24.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
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Business Placement
Demographics for 38544, TN
7,435
Population
3,327
Households
2.2
Avg Household Size
40
Median Age
16%
College-Educated
85%
High-School Grad
79.2 sq mi
ZIP Area
94
Density / Sq Mi
$66,801
Median Household Income
$42,188
Median Earnings
$904
Median Rent
$222,500
Median Home Value
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Gas station - The property includes a grocery store, deli, and beer operation, with potential for retail, restaurant, office, or storage use.
Where is this gas station located?
The property is located at 11855 Nashville Hwy Baxter, TN.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 2,800‑square‑foot commercial property on 0.496 acres; Existing grocery store, deli, and beer operation; Previously operated as a gas station
